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thank you for being here and now i want to start off by asking you under the volcker rule only three percent of the banks total assets can be invested in hedge funds and private equity funds however you see a problem with this you say it's because of the way that bank employees are paid and they're paid for something that is carried interest can you explain the issue that you have with carried interest so carried interest is basically the way that private equity fund managers get paid in the ideas instead of taking some of their money and investing in the fund as a part of their compensation they actually get to share in the profits of that company so if the company that they're managing does really well they get a chunk of the issues that i have is there's a little bit of a double standard so in the volcker rule that carried interest is not treated as an ownership interest and that three percent limit you mentioned is how much the banks can invest in these funds but that compensation that carried interest doesn't count toward the three percent limit so it's not seen as ownership for
thank you for being here and now i want to start off by asking you under the volcker rule only three percent of the banks total assets can be invested in hedge funds and private equity funds however you see a problem with this you say it's because of the way that bank employees are paid and they're paid for something that is carried interest can you explain the issue that you have with carried interest so carried interest is basically the way that private equity fund managers get paid in the...
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be back very soon and i'm sure this volcker rule will develop a lot more. coming back that was alexis goldstein communications director of the other ninety eight percent time now for today's big deal. richard kerr is the issue joins me now to talk about striking picket lines etc now we want to deliver by wednesday december twenty fifth well not so fast hundreds of workers at amazon and germany have walked off the job in an effort to pressure the e-commerce leader to settle on a wage disagreement now these are the first strikes against amazon anywhere in the world and today the strikers plan to rally outside amazon's seattle headquarters a top amazon executive in germany said the workers were mostly unskilled and had been unemployed for a long time implying they should be grateful to work at amazon ritual i turn to you in a down economy when employers have so much power like amazon does do workers have much leverage when they go on strike in a place like germany they have significantly more leverage than they do in the united states and that has to do with g
be back very soon and i'm sure this volcker rule will develop a lot more. coming back that was alexis goldstein communications director of the other ninety eight percent time now for today's big deal. richard kerr is the issue joins me now to talk about striking picket lines etc now we want to deliver by wednesday december twenty fifth well not so fast hundreds of workers at amazon and germany have walked off the job in an effort to pressure the e-commerce leader to settle on a wage...
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just moments ago, volcker himself praised the rule. we're going to tell you what the rule is, what it left out and how financial stocks are reacting during this last hour of trading. also another relic from the financial crisis, general motors getting a new chief executive. it is a first for detroit. mary berra is the first woman to run a major auto company, just one day after the u.s. treasury announced it had sold its last shares of gm stock, ending its partial own ownership since the 2009 bailout. this stock up about 93% over the last two years. there you go. and speaking of a historic first, will the newly-approved volcker rule hurt the large banks, or will it propel them forward? let's go to nicole petallides on the floor of the new york stock exchange to see how financials are reacting. we knew that the rule was coming. banks expecting it, but still, the question now is now what for these big names. >> reporter: now what. that's absolutely right. and we're seeing dow component today goldman sachs, for example, hitting a new 52-we
just moments ago, volcker himself praised the rule. we're going to tell you what the rule is, what it left out and how financial stocks are reacting during this last hour of trading. also another relic from the financial crisis, general motors getting a new chief executive. it is a first for detroit. mary berra is the first woman to run a major auto company, just one day after the u.s. treasury announced it had sold its last shares of gm stock, ending its partial own ownership since the 2009...
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now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas and if not for grants rachel her safe and i discussed the purchase of the first major strike against the mega retailer in today's big deal and as we head through a quick break here's a look at the today's closing numbers stick around. i . think. i would rather as questions to people in positions of power instead of speaking on their behalf and that's why you can find my show larry king now right here on our t.v. question or. the best rules in life are to the point and at first the vocal rules seem promising don't let banks gamble with cost more money but to no surprise it's much easier said than done now after three years and many many missed lines the vocal rule finally came to permission last week now lobbyists activists and advocates from both sides are combing through the rule so who exactly are the winners and the losers joining me now alexis goldstein former v.p. of merrill lynch an occupy wall str
now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas and if not for grants rachel her safe and i discussed the purchase of the first major strike against the mega retailer in today's big deal and as we head through a quick break here's a look at the today's closing numbers stick around. i . think. i would rather as questions to people in positions of power instead...
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wall street is front and center with the volcker rule. >> my agenda is definitely the volcker rule. it was meant to be voted on today, but the snow you just saw, for those of you on radio, it is coming down heavily in d.c. stilld, fdic, and occ plan to meet and vote on the rule that bans banks from crosstraining. at rule will be released 9:30 a.m. we hope to risk -- to see the results an hour after that. i know you hate the rule, but how do banks make money? >> they may have to go back to the future. if the economy improves, investment banking is going to get stronger. do --raining that they the trading that he do for their clients, which is always a fine a $2-- when you buy billion portfolio for your client and then you hold it on your balance sheet, is that a proprietary trade, when does it become a proprietary trade? they will be doing a lot of that. it will be doing a lot of management. wall street will figure out a way to make money once they figure out the rules. in 2014, are we going to get back to where the bankers, globally, have skin in the game? >> no, we're not. >> we ar
wall street is front and center with the volcker rule. >> my agenda is definitely the volcker rule. it was meant to be voted on today, but the snow you just saw, for those of you on radio, it is coming down heavily in d.c. stilld, fdic, and occ plan to meet and vote on the rule that bans banks from crosstraining. at rule will be released 9:30 a.m. we hope to risk -- to see the results an hour after that. i know you hate the rule, but how do banks make money? >> they may have to go...
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Dec 5, 2013
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the buzzword is volcker rule. there are headlines, saying volcker rule will put in place tough restrictions on pressing the eu and asia to match financial oversight. >> i would point out, 8:30 a.m. 'sis morning, president draghi press conference at the ecb is a big deal. let's get to company news. >> we start with a setback for bitcoin in china. findountry's central-bank -- banning financial firms from handling bitcoin transactions. it says bitcoin lacks real meaning and does not have the same legal status as other countries. those and china can use the currency as long as individual take on the risk themselves. china mobile moves a step closer to offering the iphone. the world's biggest phone company won state approval for a four g network in the clearing the way for china mobile to eventually offer the iphone in the country. southwest gains from the american airlines-u.s. airways flight-- it will gain slots according to the terms of the antitrust settlement. southwest and virgin are said to pick up 34 daily land
the buzzword is volcker rule. there are headlines, saying volcker rule will put in place tough restrictions on pressing the eu and asia to match financial oversight. >> i would point out, 8:30 a.m. 'sis morning, president draghi press conference at the ecb is a big deal. let's get to company news. >> we start with a setback for bitcoin in china. findountry's central-bank -- banning financial firms from handling bitcoin transactions. it says bitcoin lacks real meaning and does not...
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wall street's war on the volcker rule is actually heating up. after the lawsuit was filed by the american bankers association, regulators now considering dropping a provision of the rule that could force banks to sell off their investment. it says it could take a while to get through, more than the annual earnings, and if that provision actually is implemented, that is what they will have. we'll regulators stand firm, given to what is demands by wall street bankers? let's bring in the professor of economics. we have been debating this going on three years now, coming out and filing a lawsuit, they are not giving up. do you wonder if the volcker rule will be diminished piece by piece by piece? >> i don't think so. this particular thing they are suing over is not really at the center of the volcker rule. the center is proprietary trading. this isn't even on the outskirts of the volcker rule, it is on the outskirts of the outskirts. it is about this hybrid sort of hybrid security that some banks issued, it is capital for regulatory purposes. cheryl
wall street's war on the volcker rule is actually heating up. after the lawsuit was filed by the american bankers association, regulators now considering dropping a provision of the rule that could force banks to sell off their investment. it says it could take a while to get through, more than the annual earnings, and if that provision actually is implemented, that is what they will have. we'll regulators stand firm, given to what is demands by wall street bankers? let's bring in the professor...
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Dec 23, 2013
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secretary, my question is about the volcker rule. like you, i was pleased to see that the regulators final -- finally came out with a rule. i think it's strong and comprehensive. i'm concerned by the exsense for pro pry tear trading with respect the sovereign bonds. frankly, the bonds. the hmm bank brought low by investment in greek debt is probably not just an idea. certainly a possibility in the future. i wonder if you can address the ability under the volcker rule of the banks to invest in securities which could be risky and volatile over time. >> congressman, obviously our initial core concern was the treatment of u.s. treasuries. and issues arose particularly with regard to the impact that the rule would have on banks with relationship with other foreign nationals and their sovereign debt. i believe the way provisions were worked out provides guidelines, you know a path for sovereign debt to be treated appropriately. i am -- i think if you look at the structure of the resume it's clear there is accountability at the level of the
secretary, my question is about the volcker rule. like you, i was pleased to see that the regulators final -- finally came out with a rule. i think it's strong and comprehensive. i'm concerned by the exsense for pro pry tear trading with respect the sovereign bonds. frankly, the bonds. the hmm bank brought low by investment in greek debt is probably not just an idea. certainly a possibility in the future. i wonder if you can address the ability under the volcker rule of the banks to invest in...
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it's been a long awaited volcker rule. it bans proprietary trading by banks but there are several major exemptions. just the preamble to this rule was more than 800 pages. this morning in a briefing given to reporters by staffers from this major agency. let me walk you through the five exemptions. they are fairly complicated. first of all, underwriting. positions must not exceed what regulators are calling reasonably expected demands of customers. there's an exemption for market making in here. the trading desk inventory may not exceed, again, reasonably expected demands of customers. there's that phrase again. risk-mitigated hedging, an exemption under the volcker rule. bankers will be required to turn over their rationale to regulators. if you're going to hedge as a bank you have to explain why and what it is you're hedging. and trading in government obligations will be allowed, u.s., state and muni debt and some certain trading activities of foreign banking entities. foreign entities generally will be allowed to trade a
it's been a long awaited volcker rule. it bans proprietary trading by banks but there are several major exemptions. just the preamble to this rule was more than 800 pages. this morning in a briefing given to reporters by staffers from this major agency. let me walk you through the five exemptions. they are fairly complicated. first of all, underwriting. positions must not exceed what regulators are calling reasonably expected demands of customers. there's an exemption for market making in here....
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volcker rule with professor spence. pages, it deserves a lot of scrutiny. >> tom, thank you so much. i am looking forward to surveillance and 20 minutes. coming up, more on the volcker rule. wall street let out a sigh of relief yesterday as it stopped short of some of the strictest bans. we will take stock of what this means for the banking industry next. ♪ >> welcome back. you are watching "the pulse." we are alive form london. off to radio. i am guy johnson. >> i am francine blackwell. -- francine lacqua. let's get you some company news. blackstone is expected to price its hilton hotels ipo later today. it is the biggest hotel ipo on record. foxconn is launching an investment fund to finance wearable technology startups. foxconn is the maker of apple's iphones and ipods but it wants to expand beyond manufacturing as phone sales challenge the company's goals of 15% annual revenue growth. lloyds banking group has been fined 28 billion pounds by the u.k. financial conduct authority. the fine is for serious failing to c
volcker rule with professor spence. pages, it deserves a lot of scrutiny. >> tom, thank you so much. i am looking forward to surveillance and 20 minutes. coming up, more on the volcker rule. wall street let out a sigh of relief yesterday as it stopped short of some of the strictest bans. we will take stock of what this means for the banking industry next. ♪ >> welcome back. you are watching "the pulse." we are alive form london. off to radio. i am guy johnson. >> i...
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Dec 29, 2013
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volcker knows i am paying attention, vision without execution? is it possible to work as a world together? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the movement to the money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years, given from where you are, our population will go up to 8.5 billion by 2025. movement to cities, urbanization is key. if you look at the emerging countries and their demand and needs for greater resources, both looking at urbanization as well as population increase, extreme weather -- when you begin -- and the depletion of some of the resources -- looking at the infrastructure demand, ernst & young estimates 57 trillion until 2030. the amount of money that could be lost and resources or that could be saved could make a huge differenc
volcker knows i am paying attention, vision without execution? is it possible to work as a world together? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the movement to the money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one....
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our markets editor manus cranny has more on the volcker rule. david tweed has an update on the eu's bank failure plan. banks? a victory for the did bank lobbying actually pay off? >> i think probably yes. a lot of lobbying and they got a delay through to 2015 in terms of implementing volcker. what is the rule mean? i think it is good for liquidity. it is good for the customer and it brings ceos to heal. the biggest issue with the volcker rule was the difference between what you do on a trading desk and what you do on a market-making desk. there are broad exemptions for market-making. you don't pay the staff as used up a proprietary traders. foreign bonds, you can train those but you can pick and mix on hedging. the exemptions are there. say, i know that my clients probably need that amount of inventory for me to meet their needs. the big issue for the banks was, you're going to frighten liquidity away. >> jamie dimon was very active in the debate around the volcker rule. -- londonnding well whale trading incident? >> when we look at this, this w
our markets editor manus cranny has more on the volcker rule. david tweed has an update on the eu's bank failure plan. banks? a victory for the did bank lobbying actually pay off? >> i think probably yes. a lot of lobbying and they got a delay through to 2015 in terms of implementing volcker. what is the rule mean? i think it is good for liquidity. it is good for the customer and it brings ceos to heal. the biggest issue with the volcker rule was the difference between what you do on a...
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- of the volcker >> our clients are not talking about it. i think this is a wall street phenomenon and the news media 20 carry it. probably, if history is our guide, they will over regulate and make some adjustments over time. but i think the concept of the full parole is good for the markets. >> you think -- of the volcker role promotes the markets. -- is good for the markets. >> you think it promotes stability? >> i think it makes it more stable and we have to make sure the banks and big financial institutions do not trade against clients. it is one thing to provide liquidity and another thing to trade against clients. perhaps before the regulation came and we had gotten too carried away. >> brinks were -- things were known to have done that. you mentioned hedge funds, more money going into there, where specifically do you see opportunities? >> as i said, i think certain hedge funds provide great risk opportunities. i have told you before, we like japan. it has been one of our biggest positions for the year and has turnout deceptively well
- of the volcker >> our clients are not talking about it. i think this is a wall street phenomenon and the news media 20 carry it. probably, if history is our guide, they will over regulate and make some adjustments over time. but i think the concept of the full parole is good for the markets. >> you think -- of the volcker role promotes the markets. -- is good for the markets. >> you think it promotes stability? >> i think it makes it more stable and we have to make...
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even volcker says he wishes it was simpler. if we get this enacted, are people going to be challenged or will it depend on the on implementation? >> absolutely. first of all, i don't know how hampton was able to summarize in one minute what's in these 800 pages. he did a great job. i would say there's going to be a lot of lawsuits, a lot of speculation on evading it. let's not forget, it doesn't really take effect for another year and a half. >> yeah, which is the key point. i mean, also, deciding how to implement -- it's all very well having, i suppose, something on the statute book. it's then how it gets implemented by the authorities is the key, isn't it? >> sure. you know, what's the meaning of the word is as bill clinton once said. what are the mention of proprietary hedging, trading. there's a lot of wiggle room, i think, in these regulations. so it will be a while before the impact is really felt, but i would agree that longer term this will have a negative impact on bank profits. >> and see whether it opens up the marke
even volcker says he wishes it was simpler. if we get this enacted, are people going to be challenged or will it depend on the on implementation? >> absolutely. first of all, i don't know how hampton was able to summarize in one minute what's in these 800 pages. he did a great job. i would say there's going to be a lot of lawsuits, a lot of speculation on evading it. let's not forget, it doesn't really take effect for another year and a half. >> yeah, which is the key point. i mean,...
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volcker is speaking? >> well, i need to go back to jim. we have been mining those ever since and keep using them. many were with us at our 20th anniversary of transparency international in berlin, and this is part of what we talked about, and president kim, we are also mining your words, especially your speech at the cfif, a very important speech in terms of demonstrating the current leadership of the bank for this issue. you know, listening to paul and president kim talking about the effect on people, this is what is going through my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe, and you look at the number of indices -- let's take maternal mortality -- in those cases, over 480 women die each year out of 100,000. when you look at countries where less than 30% of the people say they had to pay a bribe in the last year, 57 women died. if you take it down further, then it is about 10 out of 100 women. you could do the same with water and all the indices you're talking about.
volcker is speaking? >> well, i need to go back to jim. we have been mining those ever since and keep using them. many were with us at our 20th anniversary of transparency international in berlin, and this is part of what we talked about, and president kim, we are also mining your words, especially your speech at the cfif, a very important speech in terms of demonstrating the current leadership of the bank for this issue. you know, listening to paul and president kim talking about the...
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what is our fear of the volcker rule. >> our fear of a volcker rule -- cost ofker rule the imposing restrictions that we think will limit the potential for systemic risk will be higher than we expect. so the benefit cost analysis, toch is sort of, do too much prevent potential damage in the future and pay those costs now or don't do that and then run these risks. that is the trade-off we have. and the people who don't like the volcker rule, other than those that are self interested, the ones who say those restrictions are powerful enough to produce cost. within thely analysis, and the sophisticated analysis, title one and type two, what most of our viewers would say is, yes, but we are not in a vacuum of manhattan, we are not in the vacuum of vacuum of, not in the the united states. we are doing it in a complex global system. volcker rule the succeed if not in the united states? on the other hand, if it generally creates an increment to the stability of the financial markets that are so liquid and deep here, it may turn into a competitive advantage, tom. the 1930s,ngton of ben bernanke, our chai
what is our fear of the volcker rule. >> our fear of a volcker rule -- cost ofker rule the imposing restrictions that we think will limit the potential for systemic risk will be higher than we expect. so the benefit cost analysis, toch is sort of, do too much prevent potential damage in the future and pay those costs now or don't do that and then run these risks. that is the trade-off we have. and the people who don't like the volcker rule, other than those that are self interested, the...
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he conducted a study on the volcker rule's impact on bank and infrastructure. welcome to "bottom line." what is your reaction to the final language that is contained in the volcker rule? is it stricter than you anticipated? final rule imposes significant requirements on all banks. all banks will no longer be able to engage in proprietary trading. that is the short-term speculative trading that it is intended to prevent. the largest banks will be impacted more significantly so not only will they not be able to engage in proprietary trading , they will also have to incur significant compliance costs such as reporting metrics to the supporting aalso belts and suspenders internal compliance regime. >> the rule is 920 pages long. exemptions several that allow banks to continue proprietary trading in some instances. does that mean the rule will not completely limit excessive risk- taking? the rule for proprietary trading is a difficult thing to do. the reason is because it is difficult to distinguish proprietary trading from the types of transacting that are good for
he conducted a study on the volcker rule's impact on bank and infrastructure. welcome to "bottom line." what is your reaction to the final language that is contained in the volcker rule? is it stricter than you anticipated? final rule imposes significant requirements on all banks. all banks will no longer be able to engage in proprietary trading. that is the short-term speculative trading that it is intended to prevent. the largest banks will be impacted more significantly so not only...
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volcker, i see her nodding. what is going through your mind? >> we have been mining those ever since. we keep using them. this was part of what we talked about. president kim, now we are mining your words. your speech at the csis which was an important speech. listening to both paul and president kim, talking about the effect on people -- this is what came to my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe. in those cases, over 480 women die each year out of a hundred thousand. in countries where less than 30% of people said they had to pay a bribe, less than 57 women died. there is the same thing with water and all these indices. the point that i would like to go back to in terms of paul is the one about how people -- it is not just that it kills people, it prevents them from having a life or quality of life, it concentrates the money into the hands of 10% of the population. it is also what happens with the trust of the people in their government. this, when we do surveys and
volcker, i see her nodding. what is going through your mind? >> we have been mining those ever since. we keep using them. this was part of what we talked about. president kim, now we are mining your words. your speech at the csis which was an important speech. listening to both paul and president kim, talking about the effect on people -- this is what came to my mind. i was looking at data recently. if you have a country where more than 60% of the people have to pay a bribe. in those...
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the volcker rule in place. replacing one uncertainty the bigger when igs this going to happen, is it going to happen with the smaller uncertainties, 800 pages with what does this mean for banking, lending, the macro economy. now don't get too excited about this either. mortgage debt rising, diana olick our ace housing reporter points out that's because of fewer foreclosures out there. that means that. but still normalizing and flat and not declining anymore. government out of gm. call this the tail bone of t.a.r.p., the vestige that was out there. that's progress that is done and out of the way. europe stabilizing. this much growth. but it was two quarters of growth and we haven't seen two quarters back-to-back growth in europe since 2011. >> and the china data supportive of a europe stabilizing that story. >> that's key to watch that. if we could get the economies around the world, the big ones firing on all cylinders that could be a game changer and you have as we reported earlier this week, rising household
the volcker rule in place. replacing one uncertainty the bigger when igs this going to happen, is it going to happen with the smaller uncertainties, 800 pages with what does this mean for banking, lending, the macro economy. now don't get too excited about this either. mortgage debt rising, diana olick our ace housing reporter points out that's because of fewer foreclosures out there. that means that. but still normalizing and flat and not declining anymore. government out of gm. call this the...
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lori: and, of course, five agencies approved the volcker rule this week. how will jpmorgan fare under that, and really the banking industry in and of itself. i suppose this is the best place to bring in your new book called "guardians of prosperity." how will the volcker rule affect the profit centers of these major institutions? >> well, i think it depends how rigorously the fed or other agencies want to pursue the volcker rule. if they choose to take very narrow definitions of what is, you know, market-making activities, narrow definitions of how the balance sheet will be used to invest and most importantly narrow definitions of hedging, then basically if they do that, they can hurt the banks quite a bit. but there's no indication that they want to do that. so the net effect is i don't think the volcker rule is going to be terribly harmful to the industry, and i think that you really start to have to -- you really have to start thinking about how does it affect the people who do business the banks. in other words, how does it affect the price of bread? i
lori: and, of course, five agencies approved the volcker rule this week. how will jpmorgan fare under that, and really the banking industry in and of itself. i suppose this is the best place to bring in your new book called "guardians of prosperity." how will the volcker rule affect the profit centers of these major institutions? >> well, i think it depends how rigorously the fed or other agencies want to pursue the volcker rule. if they choose to take very narrow definitions of...
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>> there's paul volcker speaking. we have an unusual gathering of all the living former fed chairman, volcker, greenspan and bernanke in the same room. no cake on the table, i noticed for this celebration on the birthday. ben bernanke is going to make some remarks and say that the fed going to defend the fed's policy actions over the last five years over his tenure saying the fed operated traditional way using new methods to fulfill its tradition of providing liquidity. bernanke and greenspan, and the richmond fed president between them and volcker probably making a couple joke. three fed chairman guys from three eras. volcker fighting inflation, greenspan kind of riding over the crest of a series of waves including the tech bubble, but also moderate growth and declining inflation, bernanke's era marked by fighting the financial crisis and some instances deflation. >> any way to read into their faces on whether or not we are going to get a taper on wednesday, steve? a briefcase indicator perhaps? >> no. but my guess i
>> there's paul volcker speaking. we have an unusual gathering of all the living former fed chairman, volcker, greenspan and bernanke in the same room. no cake on the table, i noticed for this celebration on the birthday. ben bernanke is going to make some remarks and say that the fed going to defend the fed's policy actions over the last five years over his tenure saying the fed operated traditional way using new methods to fulfill its tradition of providing liquidity. bernanke and...
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>> the volcker rule has passed. reaching a deal, u.s. lawmakers announce a two-year budget plan to avoid a fresh government shut down. , thernings are breaking latest billionaire to top list.s welcome to countdown. >> it is 6:00 in london and we have some big interviews coming up. we will be speaking to the ceo and founder. biggest telecom company . >> the secretary of state for pulse." will join "the warm welcome to the program. it is wednesday morning. bloomberg reporters are standing by to deliver the stories. into ditex earnings have just been released. >> david tweed is standing by in berlin. european business correspondent has the latest. barclays african unit is revamping its operation. >> let's get to the breaking news. the spanish retailing giant is telling us. >> it is a very slight miss. for 12.mate was if you looking at profitability, that is promising. they in the quarter with 6200 49 stores. the majority of those are in spain. when we talk about inditex , we are talking about the likes of zara, you get the designs off the p
>> the volcker rule has passed. reaching a deal, u.s. lawmakers announce a two-year budget plan to avoid a fresh government shut down. , thernings are breaking latest billionaire to top list.s welcome to countdown. >> it is 6:00 in london and we have some big interviews coming up. we will be speaking to the ceo and founder. biggest telecom company . >> the secretary of state for pulse." will join "the warm welcome to the program. it is wednesday morning. bloomberg...
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Dec 5, 2013
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that was not the intended goal of the volcker rule. so you have regulators that have lobbied aggressively trying to discern exactly how to write this language and protect those businesses without undoing the goal of the original rule which was to prevent against more risk in the system. been leading the push to write the toughest language possible notable because he is the former goldman sachs executive. on final rule up for vote tuesday. banks to showe that they are hedging a specific risk. not their entire portfolio. the speech on regulation here in washington signaling. risky proprietary trading while protecting economically essential activities like market making. the rule prohibits risky trading that like the london whale with mitigating hedges. it puts in place strong compliance requirements in charge of financial institutions to make sure that the tone at the top sends the right signal to the whole firm. >> the reference to the london whale significant because it was trying a portfolio hedge. the bottom line is that it will not
that was not the intended goal of the volcker rule. so you have regulators that have lobbied aggressively trying to discern exactly how to write this language and protect those businesses without undoing the goal of the original rule which was to prevent against more risk in the system. been leading the push to write the toughest language possible notable because he is the former goldman sachs executive. on final rule up for vote tuesday. banks to showe that they are hedging a specific risk....
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and have to regain that. >> the volcker rule said that. >> and worried that the volcker rule to play games around, and storm trust. >> in part of the business, catching lightning in a bottle, thank you served joining us. >> the country with the control of the exchange by volume has banned financial institutions from trading in them. it was prohibiting the use of the financial sector. it was knocked back by any government of central banks on the news that the dollar skyrocketed. 100% in the past two months. >> bond yields rising again on the back of the economic data. the yield on a ten year treasury inviolable in three month, better than expected gdp jobless claims leading some to think the federal reserve could start winding down of program, a key factor in the decision for the jobs report, the last before the fed next meeting and ben bernanke's last recovery. cheryl: he hands over the baton to janet yellen. this is happening today. fast-food workers across the country going on wyatt, 15 our -- $15 an hour wage. a live report coming up. adam: 9-5, 24/7, co-founder traded in a corpor
and have to regain that. >> the volcker rule said that. >> and worried that the volcker rule to play games around, and storm trust. >> in part of the business, catching lightning in a bottle, thank you served joining us. >> the country with the control of the exchange by volume has banned financial institutions from trading in them. it was prohibiting the use of the financial sector. it was knocked back by any government of central banks on the news that the dollar...
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Dec 11, 2013
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>> the volcker rule is meant to ban or stop proprietary trading. most listeners know trading by banks for their own profit, most of the big banks and others got out of that because it was not necessarily risky and they were anticipating the volcker rule coming and the volcker rule can out yesterday does allow for significant exceptions for market making, appropriate hedging and effective date is delayed to 2015. a lot of details to be worked out but compared to what it could have been it looks like this is a more constructive rule than the version that came out a couple years ago. lori: are any participants worried about their profitability being sliced? >> many of our companies had already vacated the proprietary trading space and there are trade-offs involved. if you have less trade off there will be less demand in the marketplace, that the economic effect, the cost of compliance will be shifted somewhere. international competitors don't have this rule so it could put american institutions that competitive disadvantage globally. all that being sa
>> the volcker rule is meant to ban or stop proprietary trading. most listeners know trading by banks for their own profit, most of the big banks and others got out of that because it was not necessarily risky and they were anticipating the volcker rule coming and the volcker rule can out yesterday does allow for significant exceptions for market making, appropriate hedging and effective date is delayed to 2015. a lot of details to be worked out but compared to what it could have been it...
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Dec 20, 2013
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volcker wanted to jump in. go ahead. >> a general point to follow on the president's comment, that you got a delivery. -- that you got to have delivered. i started a nonprofit agency to improve government. the slogan i got from thomas --son is appropriate here vision without execution is hallucination. [laughter] so we've got a lot of the vision here about dealing with corruption and we can all expound about the lorries of dealing with corruption and the importance and the moral and practical difficulties. but you have a practical problem in dealing with it in very difficult circumstances. dealing with both on the delivery side and on the supply easy, and you not have to keep at it. but the world bank doesn't do it, nobody else is going to do it in this area, and if you don't do it, everybody will use it as an excuse to not do it themselves. it's obvious. getting on the delivery, getting on the execution, you've got to work, as you are, and what other agencies and the rest of us can do to help the cooperation,
volcker wanted to jump in. go ahead. >> a general point to follow on the president's comment, that you got a delivery. -- that you got to have delivered. i started a nonprofit agency to improve government. the slogan i got from thomas --son is appropriate here vision without execution is hallucination. [laughter] so we've got a lot of the vision here about dealing with corruption and we can all expound about the lorries of dealing with corruption and the importance and the moral and...
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Dec 3, 2013
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the vocal rule is -- volcker rule is a key part of that. it is designed to keep the banks from engaging in excessively risky activities. including what people call retired terry trading. prop trading is easily when a bank takes its own money and makes bets on it in order to profit -- early to profit -- purely to profit. the concern to congress was that these banks have deposits from clients that are federally insured. they wanted to separate those activities of proprietary trading from the commercial banking activities where you have some federal backing. now the rule after many years of wrangling is fairly about to come out. been threerule has years in the making. what has been taking it so long? guest: a number of things. it is very complicated. it sounds simple, but actually putting it in place has proved to be a creaky lay in task -- huge task. you also have five federal regulators involved in writing the rule, which was another decision that congress made because they wanted to make sure that there were bank regulators involved. the fe
the vocal rule is -- volcker rule is a key part of that. it is designed to keep the banks from engaging in excessively risky activities. including what people call retired terry trading. prop trading is easily when a bank takes its own money and makes bets on it in order to profit -- early to profit -- purely to profit. the concern to congress was that these banks have deposits from clients that are federally insured. they wanted to separate those activities of proprietary trading from the...
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Dec 5, 2013
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government regulators on the verge of signing off on the volcker rule. that may affect $44 billion in revenue for the numeral five biggest banks. carl icahn is turning up the heat on apple. the billionaire investor wants shareholder votes to boost its stock buyback plan. apple is in the spotlight this morning, trying to move closer to offering the iphone to its customers. journal" street reports that a deal has been inked. jon erlichman is in l.a. with more on the push to put iphones in the pockets of chinese. they have been called the one thing that could help apple see its stock price go up even more. >> the numbers explain why. this would be a hugely important development for apple, betty. china, a mobile care that is 750 million subscribers. you're talking about a carrier that makes at&t and verizon look tiny in comparison. a lot of those subscribers -- it is always important to highlight -- haven't moved the world of smartphones are the kinds of devices that apple sells. but they are still about 175 million of those customers who pipering those devi
government regulators on the verge of signing off on the volcker rule. that may affect $44 billion in revenue for the numeral five biggest banks. carl icahn is turning up the heat on apple. the billionaire investor wants shareholder votes to boost its stock buyback plan. apple is in the spotlight this morning, trying to move closer to offering the iphone to its customers. journal" street reports that a deal has been inked. jon erlichman is in l.a. with more on the push to put iphones in...
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Dec 12, 2013
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who benefits from the volcker rule? you have the bigger firms and the boutique, smaller firms like you. are you the winner? >> first of all, notwithstanding that, i have been outspoken about having a volcker rule that was benign, not really aggressive. the reason -- >> you didn't get your wish. >> the reason i took that position is i felt one of the great strengths of the american economy is our liquid capital markets, and i think the volcker rule, particularly as it was originally constructed, was an impediment to the liquidity of our markets, and therefore was actually anti-competitive for the u.s. >> will there be fewer jobs in the united states, or is it a distinction that a major firm, lazard or evercore, says that team of people, we love them in london? >> first of all, we don't do any of these -- >> i understand. >> first of all, it is probably going to add jobs in the financial services industry because you are going to have so many checkers and complaints people -- >> mr. dimon has confronted this already. >> i
who benefits from the volcker rule? you have the bigger firms and the boutique, smaller firms like you. are you the winner? >> first of all, notwithstanding that, i have been outspoken about having a volcker rule that was benign, not really aggressive. the reason -- >> you didn't get your wish. >> the reason i took that position is i felt one of the great strengths of the american economy is our liquid capital markets, and i think the volcker rule, particularly as it was...
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as we know, the volcker rule prevents proprietary trading. i just saw a headline come by -- liz: yes. the sec has confirmed that the volcker rule originally scheduled december 18th event, but everyone else is voting on the 10th or the 11th, apparently, and they've pulled the 8th. not given an -- 18th. not begin an indication from the chairman's office. >> every bank cares about how this is going to look. the stories don't say how it's going to look because banks, this is designed to get rid of proprietary trading, banks taking risk with their own capital. if you read the interpretation that has been out there, you can't make markets. and if you can't make markets, then goldman sachs will cease to exist. that's why they're worried. and depending on how they can make those markets, goldman sachs is in a lot of trouble. now, here's the difference, jpmorgan doesn't have to take the risk that goldman sachs. liz: goldman has investment banking business, they've got a myriad of business, charlie. >> i know. and can that's a good point. but m m&a is
as we know, the volcker rule prevents proprietary trading. i just saw a headline come by -- liz: yes. the sec has confirmed that the volcker rule originally scheduled december 18th event, but everyone else is voting on the 10th or the 11th, apparently, and they've pulled the 8th. not given an -- 18th. not begin an indication from the chairman's office. >> every bank cares about how this is going to look. the stories don't say how it's going to look because banks, this is designed to get...
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some types of trading have been curbed in the final version of the volcker rule. the ban has been contested by wall street banks for more than three years. leaders around the world are gathering in johannesburg to pay tribute to nelson mandela. it is expected to draw 90,000 people. away last week at the age of 95. let's talk about the markets. we have not done that a great deal this morning. manus cranny is at the touchscreen with more. , we have media stocks rising, insurers are moving resources. industrial production came in better in italy than we anticipated. a rise here in the u k dovetail that with the carney comments, which is about a cautionary note about stepping back from low rates. record ines are at a the u.k. french industrial production, that disappointed. dollar is sideways trading as we wait for mario draghi to speak. he will be speaking in rome later on. it trades at 1.37. euro isall trend in the higher over the past three months. the overall trend in sterling is higher over the past three months. all of this deliberation over the talk of tapering
some types of trading have been curbed in the final version of the volcker rule. the ban has been contested by wall street banks for more than three years. leaders around the world are gathering in johannesburg to pay tribute to nelson mandela. it is expected to draw 90,000 people. away last week at the age of 95. let's talk about the markets. we have not done that a great deal this morning. manus cranny is at the touchscreen with more. , we have media stocks rising, insurers are moving...
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Dec 10, 2013
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fed, securities and exchange commission among those voting to approve volcker rule. kate kelly in the middle of the action in washington. what's the early read? >> reporter: i think it's a two-fold read. honestly, the top line is that the banks got less of a blow than they might have been expecting. they're not saying mp about it today. i've talked to a number of traders and bank managers who are keeping largely mum, saying they're going through it. although there have been some jokes about the length of the overview, which is 900 pages, although the rule itself is 70. having said all that, the banks have been subjected now to a pretty broad definition of proprietary or prohibited trading. yet there are a number of loopholes that will allow them to continue doing business as usual, involving underwriting, market making activities on behalf of clients, involvement of government trading. that's a huge win for them. on the more headache side of the ledger, a much more rigorous sort of compliance and paperwork regime they'll be dealing with when this is coming into effec
fed, securities and exchange commission among those voting to approve volcker rule. kate kelly in the middle of the action in washington. what's the early read? >> reporter: i think it's a two-fold read. honestly, the top line is that the banks got less of a blow than they might have been expecting. they're not saying mp about it today. i've talked to a number of traders and bank managers who are keeping largely mum, saying they're going through it. although there have been some jokes...
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vogler -- volcker knows i am paying attention, vision without execution? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the move in a money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years, given from where you are, our population will go up to 8.5 billion by 2025. movement to cities, urbanization is key. if you look at the emerging countries and their demand and needs for greater resources, both looking at urbanization as well as population increase, extreme whether. -- weather -- [indiscernible] when you begin -- and the depletion of some of the resources -- looking at the infrastructure demand, ernst & young estimates 57 trillion until 2030. the amount of money that could be lost and resources or that could be saved could make a huge deference -- difference in term
vogler -- volcker knows i am paying attention, vision without execution? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the move in a money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years,...
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Dec 17, 2013
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on tuesday the volcker rule, centerpiece of these reforms was finalized. this is strong and comprehensive. it will change behavior and practice across the financial system to safeguard taxpayers' from risks created by proprietary trading and investment in private equity funds. fulfills the president's vision and the statute's intent by setting tough workable restrictions while continuing to allow banks to reform a central market functions. as we move forward with our international agenda in 2014 we will work with the g 20 and the financial stability board to promote consistent implementation of high quality education. we will focus on advancing vigorous implementation of basel iii an assessor across borders and high quality capital standards. we will also focus on strengthening arrangements for cross border large complex tend institutions, promotes with the implementation of conversion requirements for over-the-counter derivatives markets and develop a road map to address risks posed by shadow banking. we also have been at the forefront of efforts to use f
on tuesday the volcker rule, centerpiece of these reforms was finalized. this is strong and comprehensive. it will change behavior and practice across the financial system to safeguard taxpayers' from risks created by proprietary trading and investment in private equity funds. fulfills the president's vision and the statute's intent by setting tough workable restrictions while continuing to allow banks to reform a central market functions. as we move forward with our international agenda in...
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obviously the volcker rule is about to be voted on by some of these, the five organizations the court preparatory boards, et cetera. look at how it affects big financial institutions and you bring and of course the global standard of regulations. it seems like banks will have a tougher time making money, do you agree? >> let me start off by saying the regulatory issues are above my pay grade. these things are pretty complicated. the regulatory issues are above my pay grade, i think all of the banks have been well-positioned, dispelling what they're doing right now and i think if you look at the various banking institutions, to understand the regulatory environment, and they are all operating and very close coordination one would presume. i concentrate on our clients. liz: back when they were running it, you did not pass the stress test. flying colors, straight a's with a lot of realms recently, seems to be a very high quality leader, you guys are huge. millions of client accounts, you land in moscow and citibank branch. it must be great to be part of a company succeeding in shareholde
obviously the volcker rule is about to be voted on by some of these, the five organizations the court preparatory boards, et cetera. look at how it affects big financial institutions and you bring and of course the global standard of regulations. it seems like banks will have a tougher time making money, do you agree? >> let me start off by saying the regulatory issues are above my pay grade. these things are pretty complicated. the regulatory issues are above my pay grade, i think all of...
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i'm willing to bet money nobody understands the volcker plan real well or volcker rule. with all that working against it why are you in fair of the financial industry, ron? >> the fed said they will be data dependent. the only time they will take the quantitative easing off the table when they feel we can handle it. it ilks time to be big boys and girls to stand on our own. we think the global economy can handle it. there will be a pullback. everybody has to lose some day for a little bit of time. five to seven to 10% pullback. so much cash is at sidelines f it has to come down because people worried about the fed tapering only because the fed thinks the economy is stronger. david: ron, specifically on the financials, stay on financials for a second, we can even more specific on that. because you like jpmorgan which is getting left ways and sideways and right ways by all kinds of folks including the sec, the treasury department. why would you go for financials, particularly jpmorgan despite all the regulars against it right now? -- regs. >> which checked. i was on 26th o
i'm willing to bet money nobody understands the volcker plan real well or volcker rule. with all that working against it why are you in fair of the financial industry, ron? >> the fed said they will be data dependent. the only time they will take the quantitative easing off the table when they feel we can handle it. it ilks time to be big boys and girls to stand on our own. we think the global economy can handle it. there will be a pullback. everybody has to lose some day for a little bit...
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the first legal challenge to the volcker rule has emerged. the american bankers association filed for immediate stay on the volcker rule provision. rules provisions will cause substantial harm to community banks. so now the lawyers have got it. liz? liz: david, talk about volatility, in december alone the price of a single bitcoin, virtual currency, has traded between $450 and $1280. 10 trillion bankers and regulators all around the world are chattering about it and ratcheting up warning about this currency, but, some are embracing it saying the rest of us don't see the true light. overstock.com, we reported this, they will begin accepting bitcoin as payment next year for its product. is a bubble in the works for bitcoin or is it the wave of the future. we have the wedbush managing director. gil, fair to say you stand on the side of rah-rah bitcoin? >> i certainly think there is a lot of value in the technology. the technology that bitcoins represents in terms of decentralizing trust, creating ability to process transactions not through the t
the first legal challenge to the volcker rule has emerged. the american bankers association filed for immediate stay on the volcker rule provision. rules provisions will cause substantial harm to community banks. so now the lawyers have got it. liz? liz: david, talk about volatility, in december alone the price of a single bitcoin, virtual currency, has traded between $450 and $1280. 10 trillion bankers and regulators all around the world are chattering about it and ratcheting up warning about...
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one of the regulations still to be finalized is the so-called volcker rule. regulators are scheduled to meet next week to discuss and vote on the final version of that rule. the pew charitable trust is the host of this event, it should get upside way in just a couple of moments. this is live coverage on c-span2. .. [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] >> once again we are live from the pew charitable trusts in washington, d.c. for remarks from treasury secretary jack lew on implementation of the dodd-frank financial law. he is expected in just a moment. live coverage here on c-span she. while we had a couple of minutes with several more light events coming up today on c-span2. in a little bit in a little bit the house energy and commerce subcommittee on energy and power will hold a hearing on the federal energy regulations commissions role and authority. cheryl lafleur is set to testify. that's coming up live beginning at 9:30 eastern here on c-span2. also at 1:15 p.m
one of the regulations still to be finalized is the so-called volcker rule. regulators are scheduled to meet next week to discuss and vote on the final version of that rule. the pew charitable trust is the host of this event, it should get upside way in just a couple of moments. this is live coverage on c-span2. .. [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] >> once again we are live from the pew...
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Dec 23, 2013
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first come is my privilege to introduce paul volcker. he served as chairman of the board of governors from august 79 to august 1987. prior to that he served as the president of the federal reserve bank of new york from august 1975 to august 1979. his leadership was noted for an aggressive and courageous fight to bring inflation under control. please join me in looking former chairman paul volcker. [applause] >> thank you very much, jeff. and friends of the federal reserve. this is indeed a historic a celebration. it's a wonderful opportunity for people like me to consult with our old friends. old literally last night all friends. and to be asked to leave office program is a special honor. special privilege. now, i have been i'm reminded come been around the federal reserve for some 75 years. it happened that i wrote my senior thesis in college. on how the federal reserve could restore its independence, too many years thereafter. and having completed his thesis, i guess they didn't read the thesis, i got a job at the federal reserve bank
first come is my privilege to introduce paul volcker. he served as chairman of the board of governors from august 79 to august 1987. prior to that he served as the president of the federal reserve bank of new york from august 1975 to august 1979. his leadership was noted for an aggressive and courageous fight to bring inflation under control. please join me in looking former chairman paul volcker. [applause] >> thank you very much, jeff. and friends of the federal reserve. this is indeed...
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Dec 20, 2013
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ther vogler, -- volcker, i see her nodding. what is going through your mind? have been mining those ever since. we keep using them. part of what we talked about. president kim, now we are mining your words. sour speech at the csi which was an important speech. listening to both paul and president kim, talking about the this is whatple -- came to my mind. . was looking at data recently if you have a country where more than 60% of the people have to pay a pride -- bribe. cases, over 480 women die each year out of a hundred thousand. 30%ountries where less than of people said they had to pay a bribe. , less than 57 women died. there is the same thing with water and all these indices. the point that i would like to go back to in terms of paul is the one about how people -- it is not just that it kills people , it prevents them from having a life or quality of life, it concentrates the money into the hands of 10% of the population. it is also what happens with the trust of the people in their government. this, when we do surveys and ,ook at surveys that others do i
ther vogler, -- volcker, i see her nodding. what is going through your mind? have been mining those ever since. we keep using them. part of what we talked about. president kim, now we are mining your words. sour speech at the csi which was an important speech. listening to both paul and president kim, talking about the this is whatple -- came to my mind. . was looking at data recently if you have a country where more than 60% of the people have to pay a pride -- bribe. cases, over 480 women die...
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Dec 6, 2013
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with a completion volcker rule, resolution authority, the tools of financial reform are being used to make our financial system safer and holding financial system responsible without the backstop of public support. regulators have worked hard to find the right balance that protects our economy and taxpayers while also leaving room for well functioning financial markets that fuel growth and help the private sector create jobs. the dodd-frank rule addresses root causes of financial problems. a premium on consumer financial protection, curbs on excessive risk taking, transparency and over site and massive over the counter derivative markets and necessary tools to prevent large and financial institutions threating the financial system. some of the greatest damage to both ordinary individuals and major financial firms began with deceptive and harmful practices that left millions of americans owing more than they could ever repay. dodd-frank created the consumer protection bureau to create transparency and choice. since opening its doors in 2011, the cfb already taken bold and actions. brin
with a completion volcker rule, resolution authority, the tools of financial reform are being used to make our financial system safer and holding financial system responsible without the backstop of public support. regulators have worked hard to find the right balance that protects our economy and taxpayers while also leaving room for well functioning financial markets that fuel growth and help the private sector create jobs. the dodd-frank rule addresses root causes of financial problems. a...
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regulators are expected to unveil the final version of the volcker rule. we are going to be taking you behind closed doors at the largest package delivery company. bloomberg goes inside ups during its busiest time of the year. it is when the elves start to put all of the presence together. -- all of the presents together. the founder of lululemon is stepping down as chairman. we will tell you more about the yoga pants maker. chip wilson will be replaced. christine day will depart as expected and will be replaced. a lot of changes going on. because of all of the controversy over the sheer pants. >> in their defense, it has been a massively growing company. hi, short interest. questions about inventory. the scandals about the comments from the ceo. of they a classic case could have handled it much better once they made the misstep. instead, they stumbled, they took too long to repair the situation. as you say, the founders founder's comments were not listen to hear for some women. fish stinks from the head. problemnot beinthe lulu anymore. >> we're going to
regulators are expected to unveil the final version of the volcker rule. we are going to be taking you behind closed doors at the largest package delivery company. bloomberg goes inside ups during its busiest time of the year. it is when the elves start to put all of the presence together. -- all of the presents together. the founder of lululemon is stepping down as chairman. we will tell you more about the yoga pants maker. chip wilson will be replaced. christine day will depart as expected...
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Dec 18, 2013
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greenspan, volcker, yellen were ther. -- were there. he said history will judge me over time, not right now. the recovery i hope to achieve has not happened and it will not happen on his watch by january 31. he knows the jury is out. legacy question on ben bernanke in times of crisis management has been answered, but the economic progress that he hoped to gain -- we do not have a grade. >> you will be at the press conference, what are you going to ask? >> i cannot give it away, i have money of questions. what do you want to ask? >> i want to know where he is going on vacation. he has had a stressful period. who would want a nice endorsement? >> this is someone who has earned time off after the last eight years. maybe he goes back to academia. rumors about him becoming a candidate to be the next commissioner of baseball. would that be the right job? maybe he will go back to the new jersey school board. >> he and mary jo white can sit around talking baseball. a huge yankees fan, peter knows this. mary jo white -- >> he is a big nationals
greenspan, volcker, yellen were ther. -- were there. he said history will judge me over time, not right now. the recovery i hope to achieve has not happened and it will not happen on his watch by january 31. he knows the jury is out. legacy question on ben bernanke in times of crisis management has been answered, but the economic progress that he hoped to gain -- we do not have a grade. >> you will be at the press conference, what are you going to ask? >> i cannot give it away, i...
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Dec 13, 2013
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even paul volcker who i admire greatly from, for his skills as fed chairman back in the '80s, he can't describe it. when trying to explain his rule on banning proprietary trading he resorted to the definition of obscenity. you will know it when you see it. i don't think so. the craziest part of this is proprietary trading had nothing to do with the meltdown in 2008. the entire dodd-frank bill was essentially written by bank lobbyists. the lawyers who represent big banks will have a field day. the rules are vague and ambiguous and difficult to enforce. but if it is so critically important then why the big delays? the banks have until july of 2015 to comply. seven years after the meltdown on wall street. a solution to too big to fail? it is not. dennis: nicely done, tom sullivan. be sure to catch it, tom sullivan's show is on fox news talk, siriusxm and many local radio stations every weekday at 3:00 in the afternoon. >>> and coming up it is the kind of thing new moms dream of. just a few hours of peace and quiet but this new bouncey seat puts your baby in front after glaring ipad for as
even paul volcker who i admire greatly from, for his skills as fed chairman back in the '80s, he can't describe it. when trying to explain his rule on banning proprietary trading he resorted to the definition of obscenity. you will know it when you see it. i don't think so. the craziest part of this is proprietary trading had nothing to do with the meltdown in 2008. the entire dodd-frank bill was essentially written by bank lobbyists. the lawyers who represent big banks will have a field day....
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Dec 3, 2013
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that's followed by scott volcker rule he and how it will be implemented. ashington journal, live every on ing at 7:00 a.m. eastern c-span. >> the house education examines the college of affordability and the pell grant program. at 10:00 e it live a.m. eastern on c-span 3. eastern, juan manuel santos speaks at the the nal press club about economic and political situation in colombia. that's also live on c-span 3. >> as you walk in, there are tables out in front with lots of right?ts, not the -- prior to entering the gun show. how he pamphlets are about the government is trying to take away the right to own guns and the government is doing this, that. is doing obama care is terrible. those were the guys that i wanted to talk to. were the guys with the leaflets, with the ideas. like this yourself. you?id who are i said i'm a -- i'm an academic. i'm a researcher. the researcher on these rganizations and these ideas and try to understand the guys. and study the men who believe this stuff. said -- they m looked at me. they asked me questions. here's what i ok, a
that's followed by scott volcker rule he and how it will be implemented. ashington journal, live every on ing at 7:00 a.m. eastern c-span. >> the house education examines the college of affordability and the pell grant program. at 10:00 e it live a.m. eastern on c-span 3. eastern, juan manuel santos speaks at the the nal press club about economic and political situation in colombia. that's also live on c-span 3. >> as you walk in, there are tables out in front with lots of right?ts,...
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Dec 5, 2013
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at thee going to look volcker rule. the secretary of the treasury will announce the path to next week's implementation of the volcker rule. and it's extent it's -- and its acceptance by the banking industry. timothy adams will join us from the bankers lobbying group. , formally with treasury. he will talk to us about the volcker rule. it is as thick as one of lord skidelsky's biographies. it is up to 950 pages long. it has become a big document from a memo. we will go over that. we will also look at a really exciting news in america. to strike magic a second time with a mustang. you do not remember this, i do. , the auto world change with the mustang. we will speak to mark fields. later, to alan mulally as ford relaunches that classic car. >> i have seen the bullet, tom. my dad had a mustang. i feel it i am a part of american auto industry. when ias a big deal cannot. you have the camaro from gm, it has been a big challenge. the show. forward to up next, we are back with economic historian and u.k. house of lords member
at thee going to look volcker rule. the secretary of the treasury will announce the path to next week's implementation of the volcker rule. and it's extent it's -- and its acceptance by the banking industry. timothy adams will join us from the bankers lobbying group. , formally with treasury. he will talk to us about the volcker rule. it is as thick as one of lord skidelsky's biographies. it is up to 950 pages long. it has become a big document from a memo. we will go over that. we will also...
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Dec 13, 2013
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who is the primary enforcer of volcker? >> the volcker rule came out of five different agencies. there are different aspects depending on what kind of a financial institution you are. >> can you submit in writing your view of this as chairman? >> i am happy to respond to your question. >> the time of the gentleman has expired. as previously announced, the chair now declare the committee in a brief recess. asef is going to be defined approximately less than five minutes. coming up on c-span, defense secretary chuck hagel talks about the effect of the budget agreement on military preparedness. three doctors testify about the impact of the health care law on their patients. later, treasury secretary jack lew on international finance issues. >> on the next washington journal, a look at the two-year $85 billion budget agreement and the 2014 republican agenda. our guest will be texas congressman kevin brady. more about the budget agreement with representative glenmore of wisconsin, a member of the budget and financial services committees. washington journal is live every morning at 7:0
who is the primary enforcer of volcker? >> the volcker rule came out of five different agencies. there are different aspects depending on what kind of a financial institution you are. >> can you submit in writing your view of this as chairman? >> i am happy to respond to your question. >> the time of the gentleman has expired. as previously announced, the chair now declare the committee in a brief recess. asef is going to be defined approximately less than five minutes....